Tech Targets: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY - UOB

EUR/USD: Neutral: Corrective pull-back could extend lower to 1.1060.

There is not much to add as EUR/USD continues to drift lower and we continue to hold the view that the current pull-back has room to extend lower to 1.1060.

A move above 1.1180 would be the first sign that the weakness that started late last week has stabilized. Key resistance is nearer to 1.1250/55.

GBP/USD: Bearish: GBP/USD downtrend has resumed; immediate target at 1.4200.

We turned bearish GBP/USD yesterday and there is no change to the view.

The immediate target is at 1.4200 (with a reasonable high chance for a retest of the recent low at 1.4080) and stop-loss is at 1.4450.

AUD/USD: Neutral: Daily closing above 0.7200 would shift outlook to bullish.

As highlighted yesterday, as long as the major 0.7065/70 continues to hold, the outlook for AUD remains positive but only a daily closing above 0.7200 would shift the current neutral outlook to bullish

NZD/USD: Bearish: Downside appears to be limited to 0.6470.

NZD/USD rebounded strongly from the low of 0.6545 and it certainly does not bode well for our bearish view.

While we were of the view that the downside potential is limited to 0.6470, a daily closing above 0.6650 would indicate our bearish expectation is premature and wrong.

USD/JPY: In a broad 112.00/117.00 range for now.

We just shifted to a neutral stance yesterday and there is no change to the view.

The near-term outlook is rather clouded due to the recent spike in volatility and at this stage, we prefer to hold the view that this pair is to trade in a broad 112.00/117.00 range for now. 

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